By taking an airplane Larry can travel from Denver to Houston in one hour. The same trip takes 5 hours by bus. Airfare is $90 and the bus fare is $30.
Larry, when he is not traveling, can work and earn $30/hour
People with high time value (e.g. busy executives) are more likely to travel by plane than by bus; whereas, people with low time value (seniors, students on vacation) are more likely to travel by bus.
Numbers and figures are an essential part of our world, necessary for almost everything we do every day. As important…
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